Core Viewpoint - Brazil's Ministry of Development, Industry, Trade and Services has initiated a second anti-dumping sunset review investigation on safety glass for refrigeration equipment imported from China, following a request from the Brazilian Glass Industry Association [1] Group 1: Investigation Details - The investigation was announced on June 25, 2025, and is based on an application submitted on January 29, 2025 [1] - The products involved are classified under the Mercosur tax code 7007.19.00 [1] - The period for the dumping investigation is set from October 2023 to September 2024, while the damage investigation period spans from October 2019 to September 2024 [1] Group 2: Timeline and Outcomes - The announcement is effective immediately upon publication [1] - The final ruling is expected to be made within 10 months, unless an extension of up to 2 months is granted [1]

x产业期现目报 投资咨询业务资格:证监许可【2011】1292号 2025年6月27日 现货价格及基差 品种 6月26日 6月25日 涨跌 涨跌幅 单位 云南国营全乳胶(SCRWF):上海 13850 13750 100 0.73% 全乳基差(切换至2509合约) -190 -20 -170 -850.00% 元/吨 泰标混合胶报价 13700 13600 100 0.74% 非标价差 -340 -170 -170 -100.00% 杯胶:国际市场:FOB中间价 46.95 47.20 -0.25 -0.53% 泰铢/公斤 胶水：国际市场：FOB中间价 57.50 -0.25 57.25 -0.43% 天然橡胶:胶块:西双版纳州 12600 12600 0 0.00% 13200 0 天然橡胶：胶水：西双版纳州 13200 0.00% 元/吨 原料：市场主流价：海南 12400 12400 0 0.00% 外胶原料：市场主流价：海南 9000 9000 0.00 0.00% 合约 6月26日 6月25日 涨跌 涨跌幅 单位 9-1价差 -845 -850 5 0.59% 1-5价差 -25 -5 -20.00 ...

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - **Soda Ash**: Supply is expected to remain ample, demand will contract, and prices will continue to face pressure. The basis of soda ash started to converge this week, and basis convergence trading may continue. Futures are expected to decline at a slower pace. It is recommended to go short on the main soda ash contract [2]. - **Glass**: In the short - term, it is recommended to go long on dips, while in the medium - to long - term, the idea of going short on rallies should be maintained. The supply shows little change, and demand is expected to weaken further. The subsequent market trading is more about policy expectations, and the expected rebound height and strength will be limited [2]. 3. Summary by Relevant Catalogs Futures Market - **Soda Ash**: The closing price of the main contract is 1180 yuan/ton, up 14 yuan from the previous period. The open interest of the main contract is 1,529,195 lots, down 32,209 lots. The net position of the top 20 is - 248,998 lots, up 58,828 lots. The exchange warehouse receipts are 3,693 tons, down 5 tons. The spread between the September and January contracts is 7 yuan, unchanged. The basis is 31 yuan/ton, down 15 yuan [2]. - **Glass**: The closing price of the main contract is 1016 yuan/ton, down 1 yuan from the previous period. The open interest of the main contract is 1,435,796 lots, down 9,579 lots. The net position of the top 20 is - 238,048 lots, up 7,865 lots. The exchange warehouse receipts are 877 tons, unchanged. The spread between the September and January contracts is - 49 yuan, up 2 yuan. The basis is 39 yuan/ton, down 2 yuan [2]. 现货市场 - **Soda Ash**: The price of North China heavy soda ash is 1197 yuan/ton, down 10 yuan; Central China heavy soda ash is 1325 yuan/ton, down 25 yuan; East China light soda ash is 1260 yuan/ton, down 25 yuan; Central China light soda ash is 1215 yuan/ton, unchanged [2]. - **Glass**: The price of Shahe glass sheets is 1056 yuan/ton, unchanged; Central China glass sheets is 1070 yuan/ton, unchanged [2]. Industry Situation - **Soda Ash**: The operating rate of soda ash plants is 86.46%, up 1.56 percentage points. The inventory of soda ash enterprises is 175.59 tons, up 2.92 tons [2]. - **Glass**: The operating rate of float glass enterprises is 75.34%, down 0.08 percentage points. The in - production capacity is 15.54 million tons/year, down 0.02 million tons. The number of in - production production lines is 223, down 1. The inventory of glass enterprises is 69,887,000 weight boxes, up 202,000 weight boxes [2]. 下游情况 - The cumulative value of newly started area in the real estate sector is 231.8361 million square meters, up 53.4777 million square meters. The cumulative value of completed area is 183.8514 million square meters, up 27.3729 million square meters [2]. Industry News - Li Qiang attended the Business Community Representatives' Symposium at the 2025 Summer Davos Forum. - The Iranian Defense Minister arrived in China to participate in the SCO Defense Ministers' Meeting. - The Hong Kong Monetary Authority bought HK$9.42 billion in the market as the Hong Kong dollar exchange rate hit the weak - side convertibility undertaking. - XPeng Motors stated that the overseas market is tightening the import of zero - kilometer used cars, and XPeng does not adopt this export model. - He Lifeng pointed out during an inspection in Hebei that it is necessary to actively expand domestic demand and boost consumption to better promote high - quality economic development. - The first pension - themed corporate bond in China was successfully issued on the Shenzhen Stock Exchange. - The third - batch funds for the replacement of consumer goods with new ones will be allocated in July [2].

Group 1 - The core viewpoint indicates that the glass spot prices remain stable, with some regions experiencing a slight increase in transaction volume, particularly in the Shahe area where some companies have achieved a production-sales rate exceeding 200% [1] - The current national float glass production lines total 285, with 220 in operation, and a daily melting capacity of 157,255 tons, which is a decrease of 1,800 tons compared to the previous period [1] - The industry's capacity utilization rate stands at 80.63%, which is relatively low compared to the same period over the past five years, and the total capacity has decreased by nearly 9% following consecutive losses last year [1] Group 2 - On the demand side, there is no effective recovery in orders, leading to a pessimistic outlook among downstream processing enterprises, which are maintaining a low-price procurement strategy based on demand [1] - The current inventory structure shows that due to the continuous decline in glass spot prices, some prices have fallen below production costs, resulting in a majority of midstream inventory being depleted [1] - The overall supply-demand balance remains loose, and if the market prices remain significantly below production costs, the industry may face forced supply reductions in the future [2]

Supply and Demand - As of June 19, 2025, the national float glass daily production is 155,400 tons, a decrease of 0.16% compared to June 12 [2] - For the week of June 13-19, 2025, the total float glass production reached 1,093,500 tons, an increase of 0.21% week-on-week, but a decrease of 7.88% year-on-year [2] - The total inventory of sample enterprises for float glass as of June 19, 2025, is 69.887 million heavy boxes, an increase of 202,000 heavy boxes week-on-week, which is a 0.29% increase, and a year-on-year increase of 16.82% [2] - The inventory days stand at 30.8 days, remaining stable compared to the previous period [2] Market Analysis - The glass market shows a strong performance, supported by the rise in prices of related commodities like coking coal, and improved sales in the spot market [3] - Demand is currently supported by strong purchasing from essential needs, but the market is expected to face limitations due to the seasonal slowdown during the summer rainy season [3] - The industry is experiencing excess capacity, and a resolution will require capacity reduction, with expectations for more cold repairs to bring about a genuine market reversal [3] - The price is expected to fluctuate within the range of 950 to 1050 points in the short term, with current support from improved spot market conditions [3]

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-6-26 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库持续累积；偏空 2、基差：浮法玻璃河北沙河大板现货1056元/吨，FG2509收盘价为1017元/吨，基差为39元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6988.70万重量箱，较前一周增加0.29%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线上方运行，20日线向下；中性 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计低位震荡运行为主。 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地 ...

Core Viewpoint - China is the largest producer and consumer of quartz glass globally, with a growing market size driven by advancements in semiconductor, optical communication, and aerospace sectors, projected to increase from 5.115 billion yuan in 2016 to 9.970 billion yuan by 2024 [1][15]. Industry Overview - Quartz glass is a non-crystalline material composed solely of silicon dioxide, known for its unique properties such as low thermal expansion, high temperature resistance, and excellent chemical stability, making it essential in various high-tech industries [3][4]. - The production methods for quartz glass include natural quartz glass from raw materials like quartz crystals and synthetic quartz glass through chemical reactions [6]. Industry Chain - The upstream of the quartz glass industry involves the production of high-purity quartz sand, which is crucial for manufacturing quartz glass. The midstream focuses on the production of quartz glass materials and products, while the downstream encompasses applications in high-tech fields such as semiconductors and aerospace [7][9]. Market Demand and Growth - The global quartz glass products market is expected to grow from 2.2 billion USD in 2016 to 4 billion USD by 2024, driven by demand in semiconductor manufacturing and optical communication [13]. - In China, the semiconductor sector accounts for the largest share of quartz glass demand at 65%, followed by optical fiber at 14% and optical applications at 10% [11]. Competitive Landscape - The global quartz glass industry is characterized by high concentration, with only six manufacturers holding TEL certification. In China, local companies like Hubei Feilihua and Jiangsu Pacific Quartz are gaining recognition for their product quality and innovation [19][20]. Future Trends - The market demand for quartz glass is expected to grow steadily due to advancements in semiconductor technology, renewable energy focus in the photovoltaic sector, and stable demand in optical and aerospace applications [24]. - The industry is moving towards green development, with increased regulatory scrutiny on environmental practices, pushing companies to adopt more sustainable production methods [25]. - Competition is intensifying, with established international players and emerging market companies striving to enhance product quality and reduce costs [27].

交产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年6月26日 现货价格及基差 品种 6月25日 6月24日 涨跌 涨跌幅 单位 云南国营全乳胶(SCRWF):上海 13750 13850 -100 -0.72% 全乳基差(切换至2509合约) -20 185 -205 -110.81% 元/吨 泰标混合胶报价 13700 13600 100 0.74% 非标价差 -70 -୧୧ -5 -7.69% 杯胶:国际市场:FOB中间价 47.20 47.15 0.05 0.11% 泰铢/公斤 57.75 57.50 -0.25 -0.43% 胶水：国际市场：FOB中间价 天然橡胶:胶块:西双版纳州 12600 12600 0 0.00% 13200 天然橡胶:胶水:西双版纳州 13200 0 0.00% 元/吨 原料：市场主流价：海南 12400 12400 0.00% 0 外胶原料：市场主流价：海南 9000 9000 0.00 0.00% 月间价差 单位 合约 6月25日 6月24日 涨跌 涨跌幅 9-1价差 -850 -870 20 2.30% 1-5价差 -20 -5 -25 -25 ...

Core Viewpoint - The company received a regulatory letter from the Shanghai Stock Exchange regarding discrepancies in its 2024 annual report, particularly between reported revenue and cash received from sales, prompting a detailed response and verification process by the company and its auditors [1][2]. Group 1: Revenue Discrepancy - The company reported a revenue of 1.733 billion yuan and cash received from sales of 1.014 billion yuan, with a significant discrepancy of 719.72 million yuan, primarily due to payments made via bank acceptance bills [2][3]. - The company noted that the industry also experiences similar discrepancies, indicating a common practice among peers [2]. Group 2: Accounts Receivable - The top five accounts receivable clients for 2024 included several new names compared to 2023, with only one client overlapping, suggesting a change in customer dynamics [4]. - The company maintains a policy of "payment before delivery," which helps mitigate bad debt risks, as most clients are primary agents or traders [4][5]. Group 3: Bad Debt Provisions - The company reported a balance of 466 million yuan in other receivables from Shenzhen Hengbo, with a provision for bad debts of 421 million yuan, reflecting a 90.48% provision rate [6][7]. - The auditors confirmed that the provision for bad debts was adequate and reasonable based on the company's assessment of Shenzhen Hengbo's repayment ability [7]. Group 4: Goodwill Impairment - The company recorded a goodwill balance of 56.25 million yuan, with a minor impairment of 628,700 yuan related to Xinjiang Puyao New Materials [8][9]. - The company provided a detailed analysis of Xinjiang Puyao's financial performance and market conditions, indicating a stable operational outlook despite recent challenges [10][11]. Group 5: Non-Recurring Gains - The company achieved a net profit attributable to shareholders of 12.56 million yuan, with a significant increase in non-recurring gains amounting to 35.12 million yuan compared to the previous year [20][21]. - The increase in non-recurring gains was largely due to a tax rebate policy, which the company classified as non-recurring for consistency and prudence [21][22].

Core Viewpoint - The significant discrepancy between the revenue of 1.733 billion yuan and cash received from sales of 1.014 billion yuan for the company is primarily due to the reliance on bank acceptance bills for payments and the company's cash management practices [1]. Group 1: Revenue and Cash Flow Discrepancy - The difference between the 2024 operating revenue and cash received from sales amounts to 720 million yuan, with 891 million yuan related to the payment of procurement costs through the endorsement of bank acceptance bills [1]. Group 2: Accounts Receivable and Customer Stability - The top five accounts receivable customers for 2024 include companies such as Hubei Zhouzheng Logistics Co., Ltd. and Urumqi Borui Sunshine Trading Co., Ltd., with only one customer overlapping with 2023 [2][6]. - The company asserts that the overall sales amount from the top five accounts receivable customers is relatively low, indicating a stable customer base primarily consisting of first-level agents or traders [2]. Group 3: Major Customer and Bad Debt Issues - A significant bad debt issue involves Shenzhen Hengbo Commercial Chain Co., Ltd., for which the company provided a guarantee for a bank loan and subsequently compensated 163 million yuan [7]. - The company has recorded 466 million yuan in other receivables from Hengbo Commercial, with a provision for bad debts amounting to 421 million yuan, reflecting a provision rate of 90.48% [8].